pros and cons of transferring DC into Alpha

Its_all_Dinx

Hello,

I got 3 DC pots and currently paying into in DC pot.

What are the pros and Cons of transferring these 3 pots into Civil Service?

I used CHAT GPT.  It worked out one pot of £13,000,  would buy me approx 425pa.

Chat GPT also told me,   the dc pots would payout full if I died before claiming it.

My initial idea was to leave them as they are, claim one pot at a time as needed and then claim Alpha last.

If you need more information please let me know.

I look forward to the replies.  I got 9 more months left before the 12 month deadline is up.

Dazed_and_C0nfused

How much is in each of the other two DC pensions?

Do you have any existing DB pension or is Alpha the only one?

How old are you?

Its_all_Dinx

Pot 1 approx  £13,000

Pot 2 approx £20,000  still active and paying into

Pot 3 approx  £500

Only 1  DB Pot.  With no EPA.

38 years of age

Emmia

Do you plan to remain as a Civil Servant until retirement?

Its_all_Dinx

I do plan on staying on,  maybe go part-time when I reach 55.

MX5huggy

Have you hit actual quotes from Alpha ? If not do that then come back with real figures. 

Its_all_Dinx

Could I transfer a live pension from my 2nd job?

I will request quotes but from my 2nd job if I cannot transfer it then no point requesting a quote.

michaels

MX5huggy said:

Have you hit actual quotes from Alpha ? If not do that then come back with real figures. 

You can find the rates as they are in the same spreadsheet as the EPA,,added commutation, early retirement etc factors

Marcon

Its_all_Dinx said:

Could I transfer a live pension from my 2nd job?

I will request quotes but from my 2nd job if I cannot transfer it then no point requesting a quote.

Check with your second job. It may be that if you transfer that pot, you are treated as 'opting out' from the scheme and your employer need not re-enrol you for another 12 months (even if you ask to be enrolled earlier), meaning you'd miss out on the employer contributions to that DC pot for up to a year.